Register to Access

Having Trouble Logging In?

Contact our technical support help desk at
1.800.366.4673. Representatives are available between
7:00 a.m. to 5:30 p.m. CDT, Monday through Friday.

This website is designed to facilitate the transmission
of mutual fund data, account information and sales
and educational materials to investment professionals.
By accessing this site you are verifying that you are an
investment professional.

Beyond the volatility: is a near-term recession likely?

August has been a highly volatile period for the financial markets. Reignited trade tensions and recent yield-curve inversions have spooked investors, culminating in a 3% drop in the S&P 500 Index on Aug. 14, its worst day of the year. Ivy provides its perspective on these two market moving events.

Ivy Live/ 8.22.19

FAANG: In the government's crosshairs

The big four tech giants – Apple, Amazon, Facebook and Google – are facing antitrust investigations and scrutiny over data privacy. And surprisingly, the push is gaining bipartisan support. Is it just noise for the tech sector or a larger threat to investors?

Market Perspective/ 8.05.19

Fed cuts rates; where do we go from here?

The Fed announced a much-anticipated one-quarter-percentage-point cut to the federal funds rate. Following the decision, Fed Chairman Powell's press conference commentary was perceived as unexpectedly hawkish. While the market had a 'buy the rumor, sell the news’ reaction, but we believe underlying fundamentals should support continued growth during the rest of 2019.

Maximizing the Value of 529 Plans

Parents are preparing their kids to head back to school as the topic of affording college tuition looms large. Discover how you can help your clients with 529 plans.

Genlink

Attracting assets in motion

Over the next few decades, client assets currently held by Traditionalists and Baby Boomers will be controlled by Generation Xers and Millennials, reshaping the traditional financial advisor model. Discover how you can plan for each generation.

Genlink

Why advisors need to understand each generation

Navigating generational differences can be tricky, whether you’re speaking to a younger client or chatting with a long-time client that might be your parents’ age. Knowing each generation can lead to a growing and stable practice.

Ivy Investments

We stand for a legacy of expertise, focused on delivering strong, long-term results. Our name reflects our progressive product offerings and growing global presence as we continue to adapt to the needs of investors.

Quarterly Fund Commentary

Ivy Apollo Multi-Asset Income Fund

Market Sector Update

The macro environment has softened with growth slowing in the U.S., Europe and China. The escalating trade dispute
between the U.S. and China plus weakening fundamentals has left central bankers set to ease policy in response, with
many taking a sharp turn from hawkish to dovish. By switching their focus from tight labor markets and accelerating
wage growth to slowing economies and softening inflation expectations, policymakers are trying to create a backdrop
for lower volatility.

Global real estate securities produced modestly positive gains in the second quarter, outpacing global bond indices
but trailing global equities. Global risk assets bounced between gains and losses for most of the period before
trending higher in June to build on the robust gains of the first three months of the year.

In the U.S., the market has priced two to three rate cuts from the Federal Reserve (Fed) in the remainder of 2019.
The European Central Bank (ECB) has signaled its willingness to cut rates and potentially restart its purchase of
corporate bonds. In China, the government has started to implement a new round of policy initiatives to stimulate
growth.

The normalization of the Fed’s balance sheet is also winding down as the Fed slows the pace to a level it considers
consistent with efficient and effective policy implementation.

Trade tensions continued during the quarter, but the G20 Summit in late June provided an opportunity for the U.S.
and China to call a temporary truce in an effort to return to the negotiating table.

Portfolio Strategy

The Fund had a positive return in the quarter that was slightly less than the return of its benchmark and Morningstar
peer group average.

The Fund’s equity holdings were the primary contributors to performance in the quarter, led by allocations to the
financials, energy and industrials sectors. The allocation to high yield fixed income also contributed to performance.

The U.S. dollar slightly weakened over the quarter against developing market currencies as the Japanese yen and
euro gained 2.79% and 1.38% respectively. The global bond strategy sleeve’s 100% U.S. dollar exposure was a slight
detractor to performance relative to the Fund’s peers.

We continue to seek opportunities to reduce volatility in the Fund. In addition, we maintained our longstanding lowduration
strategy to gain a higher degree of certainty about companies in which we can invest.

The Fund also continued to hold a higher level of liquidity, with an average allocation to cash in the quarter of about
11%. We will be opportunistic in allocating that capital as we find dislocations in the market.

Outlook

We expect most major economies to grow at a slower pace during the remainder of the year compared to last
year. Global manufacturing and service sector businesses have reported weaker conditions than in recent times.

The U.S. budget deficit is expected to rise to $1.0 trillion (4.7% of GDP) in 2019 from structural forces that have
deteriorated by a much greater amount than the offsetting cyclical improvement.

Trade war rhetoric and complicated political concerns including Brexit, potential European auto tariffs and the start
of U.S. presidential debates are likely to mean that global interest rates and credit markets will continue to be volatile
in the near term.

We believe trade also will continue to be a risk factor going forward. There still is the potential for more tariffs,
followed by retaliatory action that might impact companies’ capital investment plans. That, in turn, could continue to
affect markets, stocks and ultimately consumer and business confidence.

In our view, fundamentals in the credit markets remain stretched, with balance sheets still levered. The slowing in
global growth is a concern and makes us cautious about the outlook for credit spreads. We think technicals in credit
can be supported with investor expectations that the ECB will resume corporate bond purchases.

Real estate operating fundamentals remain solid across much of the globe, as shown by positive operating
commentary from management teams in the most recent reporting periods and sector related conferences. We believe
the expectation for modest, but positive economic growth and an easier interest rate environment should remain
sufficient to drive demand for real estate.

Given our expectation for a modest widening of spreads in the second half of the year, we believe our conservative
positioning relative to the benchmark is appropriate. We will remain opportunistic with credit selection and overall
positioning.

The opinions expressed are those of the Fund’s managers and are not meant as investment advice or to predict or project the future performance of any investment product. The opinions are current through June
30, 2019, are subject to change at any time based on market and other current conditions, and no forecasts can be guaranteed. This commentary is being provided as a general source of information and is not
intended as a recommendation to purchase, sell, or hold any specific security or to engage in any investment strategy. Investment decisions should always be made based on an investor’s specific objectives, financial
needs, risk tolerance and time horizon. Past performance is not a guarantee of future results.

All information is based on Class I shares.

The Fund is managed by Ivy Investment Management Company. The total return strategy is sub-advised by Apollo Credit Management, LLC and the global real estate strategy is sub-advised by LaSalle Investment
Management Securities, LLC.

Risk factors: The value of the Fund's shares will change, and you could lose money on your investment. Although asset allocation among different sleeves and asset categories generally tends to limit risk and
exposure to any one sleeve, the risk remains that the allocation of assets may skew toward a sleeve that performs poorly relative to the Fund's other sleeves, or to the market as a whole, which would result in the
Fund performing poorly. While Ivy Investment Management Company (IICO) monitors the investments of Apollo Credit Management (Apollo) in addition to the overall management of the Fund, including rebalancing
the Fund's target allocations, IICO and Apollo make investment decisions for their investment sleeves independently from one another. It is possible that the investment styles used by IICO or Apollo will not always
complement each other, which could adversely affect the performance of the Fund. As a result, the Fund's aggregate exposure to a particular industry or group of industries, or to a single issuer, could unintentionally
be larger or smaller than intended. Investment risks associated with investing in real estate securities, in addition to other risks, include rental income fluctuation, depreciation, property tax value changes and
differences in real estate market values. International investing involves additional risks, including currency fluctuations, political or economic conditions affecting the foreign country, and differences in accounting
standards and foreign regulations. These risks are magnified in emerging markets. Fixed-income securities are subject to interest rate risk and, as such, the net asset value of the Fund may fall as interest rates rise.
Investing in below investment grade securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. Loans (including loan assignments, loan participations and other loan instruments)
carry other risks, including the risk of insolvency of the lending bank or other intermediary. Loans may be unsecured or not fully collateralized may be subject to restrictions on resale and sometimes trade infrequently
on the secondary market. These and other risks are more fully described in the Fund’s prospectus. Not all funds or fund classes may be offered at all broker/dealers.

The financial products and services described in this website are offered only in the United States, Puerto Rico
and the U.S. Virgin Islands. Nothing in this website should be considered a solicitation to buy or an offer to sell such products
and services in any jurisdiction where the offer or solicitation would be unlawful under the laws of such jurisdiction.

IVY FUNDS® mutual funds and IVY VARIABLE INSURANCE PORTFOLIOS® are managed by Ivy Investment Management Company and are distributed by Ivy Distributors, Inc., InvestEd℠ Portfolios are managed by Ivy Investment Management Company and are distributed by Waddell & Reed, Inc. These financial products are offered by prospectus only. Waddell & Reed Financial, Inc. is the ultimate parent company of Ivy Distributors, Inc. and Waddell & Reed, Inc.

Before investing, investors should consider carefully the investment objectives, risks, charges and expenses of a mutual fund or portfolio.
This and other important information is contained in the prospectus and summary prospectus, which may be obtained here or from a financial advisor.
Read it carefully before investing.

IVY INVESTMENTS℠ refers to the investment management and investment advisory services offered by Ivy Investment Management Company, the financial services offered by Ivy Distributors, Inc., a FINRA member broker dealer and the distributor of IVY FUNDS® mutual funds and IVY VARIABLE INSURANCE PORTFOLIOS®, and the financial services offered by their affiliates.